Crude Oil prices trades on the front foot in Asia on expectations the major oil producers will extend the output cut deal.
The question is whether the major producers will extend the deal by 6-months, 9-months or 12-months. The OPEC monitoring committee has proposed nine-month cut extension. a 9-month extension may have been priced-in by the markets.
A probability of a 12-month extension is low, although that could push oil prices above $60/barrel.